1967_5929
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Transcript of 1967_5929
FEDERAL RESERVE BANK OF NEW YORK
r Circular No. 5 0 2 9 1 L January 6, 1967 J
FIFTY-SECOND ANNUAL STATEMENT
To the Member Bankso f the Second Federal Reserve District:
Herewith is a statement of condition of the Federal Reserve Bank
of New York at the close of the year 1966, and of earnings and expenses
for that year. For convenient comparison, the corresponding figures for 1965 are also shown.
The regular annual report of the Bank, containing a review of
economic and financial developments and of Bank operations in 1966,
is now being prepared. When it is issued, a copy will be sent to each member bank in the District.
A lfr e d H a y e s ,
President.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statement of Condition
ASSETS
Gold certificate accou n t.............. ..
Redemption fund for Federal Reserve notes
Federal Reserve notes of other Banks
Other cash .............................................................Total cash ......................................................
Discounts and advances .......................................
Acceptances:
Bought outright ................................................
Held under repurchase agreem ent................
Federal agency obligations:
Held under repurchase agreem ent................
U. S. Government securities:
Bought outright .................................................
Held under repurchase agreement Total loans and securities
Other assets:
Cash items in process of collection
Bank premises .. . .........................
All other* ............ ................. . . .........................Total other a sse ts ..........................................
TOTAL ASSETS ........................
Dec. 31,1966 Dec. 31,1965
$ 2,048,010,169 $ 2,478,306,003
443,811,739 409,153,362
189,084,923 151,311,043
31,316,972 16,506,739$ 2,712,223,803 $ 3,055,277,147
$ 32,352,000 $ 30,627,000
69,121,246 74,508,530
123,997,688 111,925,404
33,800,000 0
10,898,700,000 9,744,231,000
626,800,000 289,900,000$11,784,770,934 $10,251,191,934
$ 1,993,690,102 $ 1,676,821,174
9,357,852 8,667,499
526,222,394 276,389,717$ 2,529,270,348 $ 1,961,878,390
$17,026,265,085 $15,268,347,471
* Includes assets denominated in foreign currencies.
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Statement of Condition (ContinuedJ
LIAB ILITIES j)ec. 31,1966
Federal Reserve n o te s .......................................... $ 9,238,182,600
Deposits:
Member bank reserve accounts...................... $ 5,277,742,045U. S. Treasurer — general account .............. 271,153,861Foreign* .............. ........................................ .. 55,965,245Other .................................................................... 396,432,487
Total deposits ................................................ $ 6,001,293,638
Other liabilities:Deferred availability cash item s .................... $ 1,417,581,373All other .............................................................. 72,512,174
Total other liabilities.................................... $ 1,490,093,547TOTAL LIABILITIES .............................. $16,729,569,785
CAPITAL ACCOUNTSCapital paid in ...................................................... $ 148,347,650Surplus .................................................................... 148,347,650
TOTAL CAPITAL A C C O U N T S.............. $ 296,695,300
TOTAL LIABILITIES AND CAPITAL ACCOUNTS ........ . .................................... $17,026,265,085
* After deducting participations of other Federal ReserveBanks amounting to ........................................................................... $118,080,000
Contingent liability on acceptances purchased for foreign correspondents (after deducting participations of other Federal Reserve Banks amounting to $141,548,400 on December 31,1966 and $105,976,800 on December 31, 1965) ................................................. $49,005,424
Ratio of gold certificate reserves to Federal Reserve note liability .................................................................... 27.0%
Dec. 31,1965
$ 8,600,326,266
$ 4,803,963,029 159,647,023 39,580,566
184,729,032 $ 5,187,919,650
$ 1,141,912,157 49,262,598
$ 1,191,174,755 $14,979,420,671
$ 144,463,400 144,463,400
$ 288,926,800
$15,268,347,471
$110,700,000
$37,546,440
33.6%
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Statement of Earnings and Expenses
1966 1965
Total current earnings ........................................ $485,346,803 $391,855,804
Net expenses .......................................................... 41,395,351 41,716,234
Current net earn ings.................................... $443,951,452 $350,139,570
Additions to current net earnings $ 394,767 $ 263,835
Deductions from current net earnings:Loss on sales of U. S. Government securities
(net) ................................................................ $ 621,750 $ 1,917
All other .............................................................. 6,738 3,696
Total deductions ............................................ $ 628,488 $ 5,613
Net additions or deductions (— ) ...................... $ — 233,721 $ 258,222
Net earnings available for distribution . . . $443,717,731 $350,397,792
Dividends paid ......................................................
Payments to U. S. Treasury (interest on Federal Reserve notes) .............. ............................
Transferred to surplus ........................................
$ 8,770,056 $ 8,500,590
$431,063,425 $334,647,652
$ 3,884,250 $ 7,249,550
SURPLUS ACCOUNT
Surplus — beginning of year ................
Transferred from net earnings for year
Surplus — end of year ............................
$144,463,400
3,884,250
$137,213,850
7,249,550
$148,347,650 $144,463,400
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Bank of New YorkDIRECTORS
E v e r e t t N . C a s e ( C - 1 9 6 9 * ) ,President, Alfred P. Sloan Foundation,
New York, N. Y.Chairman, and Federal Reserve Agent
K e n n e t h H . H a n n a n ( C - 1 9 6 8 ) ,Executive Vice President, Union Carbide Corporation,
New York, N. Y.Deputy Chairman
R o b e r t G. Co w a n (A-1968),Chairman of the Board,
National Newark & Essex Bank, Newark, N. J.
(Elected by Group 2 banks)M a u r ic e R. F o r m a n (B-1969),
President, B. Forman Co., Inc., Rochester, N. Y.
(Elected by Group 3 banks)J a m e s M . H e s t e r ( C - 1 9 6 7 ) ,
President, New York University, New York, N. Y.
E u g e n e H. M o r r is o n (A-1969),President, Orange County Trust Company,
Middletown, N. Y.(Elected by Group 3 banks)
M il t o n C. M u m f o r d (B-1968),Chairman of the Board, Lever Brothers Company
New York, N. Y.(Elected by Group 2 banks)
G eorge A. M u r p h y (A-1967),Chairman of the Board, Irving Trust Company,
New York, N. Y.(Elected by Group 1 banks)
A r t h u r K. W a t s o n (B-1967),Chairman of the Board, IBM World Trade Corporation,
New York, N. Y., and Vice Chairman of the Board, International Business Machines Corporation,
Armonk, N. Y.(Elected by Group 1 banks)
• The letter indicates the class of director; term expires December 31 of the year indicated.
OFFICERSA l f r e d H a y e s , President
W il l ia m F . T r e ib e r , First Vice President H a r o ld A. B i l b y , Vice President and Senior Adviser M a r c u s A. H a r r is , Vice PresidentW il l ia m H . B r a u n , Jr., Vice President A l a n R . H o l m e s , Vice PresidentJ o h n J. C l a r k e , Vice President and General Counsel R o b e r t G. L i n k , Vice PresidentC h a r l e s A . C o o m b s , Vice President F red W . P id e r it , Jr., Vice PresidentF e l ix T . D a v is , Vice President W a l t e r H . R o z e l l , Jr., Vice PresidentG eorge G a r v y , Economic Adviser T h o m a s M . T i m l e n , Jr., Vice President
T h o m a s O . W a a g e , Vice President
E d w a r d G . G u y , Assistant General Counsel
P e t e r F o u s e k , Assistant Vice President P e t e r P . L a n g , AdviserB r u c e K . M a c L a u r y , Assistant Vice President W il l ia m E . M a r p l e , Assistant Vice President S p e n c e r S . M a r s h , J r ., Assistant Vice President P a u l M e e k , Assistant Vice President D o n a l d C. N i l e s , Assistant Vice President E v e r e t t B . P o s t , Assistant Vice President
T h o m a s C. S l o a n e , Assistant General Counsel
L a w r e n c e E. Q u a c k e n b u s h , Assistant Vice President T h o m a s J . R o c h e , Senior Foreign Exchange Officer F r a n k W . S c h i f f , Assistant Vice President F r a n c is II. S c h o t t , Adviser K e n n e t h E. S m a l l , Assistant Vice President F r e d e r ic k L . S m e d l e y , Assistant Vice Persident G eorge C. S m i t h , Assistant Vice President R o b e r t C. T h o m a n , Assistant Vice President
G e r a l d E . B e a c h , Manager, Government Bond and Safekeeping Department
L e o n a r d I. B e n n e t t s , Manager, Cash Custody Department, and Manager, Collection Department
D a v id E . B o d n e r , Manager, Foreign Department Louis J. B r e n d e l , Manager, Planning Department A . T h o m a s Co m b a d e r , Manager, Building Operating
DepartmentR o b e r t L. C o o p e r , Manager, Acceptance Department R o b e r t J. C r o w l e y , Manager, Foreign Department H o w a r d F . C ru m b , Manager, Computer Services Department R ic h a r d G. D a v is , Manager, Domestic Research Department R ic h a r d A . D e b s , Secretary, and Assistant Counsel F r e d e r i c k W . D e m in g , Manager, Securities Department A d a m R . D i c k , Manager, Bank Relations Department K a r l L. E g e , Manager, Check Department M a r t i n F r e n c h , Manager, Security Custody Department R a l p h H . G e ld e r , Manager, Personnel Department E d w a r d J. G e n g , Manager, Securities Department, and
Assistant Secretary
R ic h a r d H . H o e n ig , Manager, Public Information Department F red H . K l o p s t o c k , Manager, International Research
DepartmentL e o n a r d L a p id u s , Manager, Bank Examinations Department M a d e l in e H . M c W h i n n e y , Manager, Statistics Department R o b e r t M e y e r , Assistant Counsel A r t h u r H . N o a , Manager, Service Department J a m e s H . O l t m a n , Manager, Bank Examinations Department S c o t t E . P a r d e e , Manager, Foreign Department E d w in R . P o w e r s , Manager, Foreign Department C h a r l e s R . P r ic h e r , Manager, Cash Department A . M a r s h a l l P u c k e t t , Senior Economist F r a n c is II. R o h r b a c h , Manager, Personnel Department E d w in S . R o t h m a n , Manager, Foreign Department H e r b e r t H . R u e s s , Manager, Credit and Discount Department W a l t e r S . R u s h m o r e , Manager, Savings Bond Department F r e d e r ic k C. S c h a d r a c k , J r ., Manager, Domestic Research
Department B e t t y J e a n S h e a , Assistant Counsel A l o y s iu s J . S t a n t o n , Manager, Accounting Department R o b e r t Y o u n g , J r ., Assistant Counsel
J o h n P. J e n s e n , General Auditor W il l ia m M . S c h u l t z , Assistant General Auditor
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Bank of New York
MEMBER OF FEDERAL ADVISORY COUNCILR . E . M cN e il l , J r .,
Chairman of the Board, Manufacturers Hanover Trust Company, New York, N. Y.
Buffalo Branch of Federal Reserve Bank of New York
DIRECTORSR o b e r t S. B e n n e t t , Chairman
General Manager, Lackawanna Plant, Bethlehem Steel Corporation,
Buffalo, N. Y.
G e r a l d F. B r it t ,President, L-Brooke Farms, Inc.,
Byron, N. Y.
C a r l A . D a y ,Executive Vice President,
Bausch & Lomb, Inc.,Rochester, N. Y.
J . W a l l a c e E l y ,President, Security Trust Company of Rochester,
Rochester, N. Y.
J o h n D . H a m il t o n ,Chairman of the Board,
Marine Midland Chautauqua National Bank, Jamestown, N. Y.
A r t h u r S. H a m l i n ,President, The Canandaigua National Bank
and Trust Company,Canandaigua, N. Y.
E . P e r r y S p i n k ,Chairman of the Board,
Liberty National Bank and Trust Company, Buffalo, N. Y.
OFFICERS
A n g u s A . M a c I n n e s , J r ., Vice President J o h n T . K e a n e , Assistant Vice President and Cashier
H a r r y A . C u r t h , J r ., Assistant Cashier G e r a l d H . G r e e n e , Assistant Cashier
R o n a l d B . G r a y , Assistant Cashier A r t h u r A . R a n d a l l , Assistant Cashier
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